Rocky will serve as a mentor to Apollo Creed's grandson in "Creed."
Michael B. Jordan will play the younger boxer, the report said. He can now be seen in "Fruitvale Station."
Stallone, 67, has already played Rocky in six movies. The most recent installment "Rocky Balboa" hit theaters in 2006.
Carl Weathers played Apollo Creed until the character was killed in the ring in "Rocky IV."